TBM Staff - Mumbai Singapore Airlines has received approval from the Government of India for foreign direct investment (FDI) in Vistara , paying the way for its joint venture with Tata Group, into Air India, the airline said in a regulatory filing.
Singapore’s flagship carrier announced a plan to merge the decade-old Vistara and Tata-owned Air India in November 2022, in a bid to create a dominant full-service airline in the domestic and international markets.
Singapore Airlines said it expected the deal, which Indian and Singaporean antitrust regulators have cleared, to be completed by the end of 2024.
Singapore Airlines, which is the only foreign airline with a direct stake in an Indian carrier, will hold a 25.1% stake in the combined Air India group in return for a USD 250 million investment.
The Singaporean company is due to invest up to SGD 880 million after the merger is completed. (Source: Reuters)
